A conference on innovative business models in the context of the fourth industrial revolution was held in Ho Chi Minh City on May 18, with experts from Vietnam and the Republic of Korea (RoK) attending.

Topics discussed included the role of innovation in small and medium-sized enterprises and start-ups, funds for sci-tech development and firms collaborating with research institutes and universities.   

Kim Eung Jin, an adviser at Nemo Partners Innovation Consulting Group, said the RoK firms had focused on technology advancement to welcome the fourth industrial revolution since 2010.

He said the country will have 4,000 smart manufacturing plants this year and 10,000 in 2020, adding that the Korean Government has built 18 innovative centres to support start-ups.

Nguyen Tuan Thanh, who oversees the fund for sci-tech development of the Saigon Transportation Mechanical Corporation, noted innovation relies on businesses, but requires State assistance.

Firms discussed collaboration between their community and research institutes/universities, but stressed that cooperation outcomes fall short of potential.

They attributed part of the problem to impractical studies, which are incompatible with reality.

A Nhat Tinh Company representative suggested the Government identify key products, markets and scientific sectors to fully tap domestic strengths.

VNA